Solve the problems (questions) below and load the completed assignment to this link.

1-Complete the grid to calculate Cost of Goods Sold:

a)
+ Cost of Goods Purchased During the Period
= Cost of Goods Available for Sale
b)
= Cost of Goods Sold

2-Vienna, Inc. owes $60,000 to Freds Drones Co. for inventory acquired with terms of 3/15, n/30.

a. How much will Vienna, Inc. pay if payment is made within the discount period? b. What transaction will Vienna, Inc. record on November 30, the companys fiscal year end, if the invoice is dated November 28 and payment will be made on December 12?

3-As a shareholder of Perry Jackson Industries, a manufacturer of DVD players, you are interested in comparing gross profits over a 3-year period. Calculate the gross profit percentage for years 2016, 2015, and 2014 using the income statement items below (in thousands). Interpret your results.

	2016	2015	2014
Net sales	$20,640	$21,880	$21,540
Cost of goods sold	14,830	14,044	13,684
Gross Profit	$5,810	$7,836	$7,856

Longhorn Software Companys 2016 balance sheet reveals that inventories reported on a LIFO basis are $11,240 million. In a footnote, management stated that the LIFO reserve was $1,600 million.

a. How much would Longhorns Softwares ending inventory be using FIFO? b. What is the total cumulative tax effect of using LIFO given a 35% income tax rate?

5-G.C. Murphys inventories are determined using FIFO. G.C. Murphys provided the following information for the first quarter of 2016:

Beginning inventory, January 1, 2016	60 units @ $42.00
(1) Purchase	40 units @ $37.50
(2) Purchase	95 units @ $44.00
(3) Purchase	30 units @ $43.00
Ending inventory, March 31, 2016	45 units

a. Compute the companys cost of goods sold for the first quarter. b. Computer the ending inventory to be reported on G.C. Murphys balance sheet at March 31, 2016.

6-Notebook Company reports the following in its inventory records for June:

	Units	Unit Cost
Beginning Inventory	10	$12.00
Purchase #1	5	$10.00
Purchase #2	5	$14.00

During June, Notebook Company sold 12 units. Using the weighted-average cost method, compute the cost of goods sold for June and the June 30 ending inventory balance for this product.